What They Were Saying At the Top

From the Slope of Hope: With cryptos in a bloody free-fall, I thought it might be instructive to look back at what they were saying a month ago, when Bitcoin futures were launched at almost $21,000. Let's take a look at the predictions of experts and self-proclaimed crypto-geniuses.

Not to be outdone, Ronnie Moas (who?) had a target six times higher......since it's, umm, "realistic":

And shame on us for not taking this as the greatest signal in human history.........

You can say the same thing about gold. It has only the value for the purposes it is used for.

Same with btc. Too much religion going around for my tastes.

Gold / Silver - won't save you during the big crash. Your grand kids will love you for pass some real value through the shitstorm. But during the shitstorm a loaf of bread will probably cost you an Oz of gold.

History says you are wrong over and over but keep parroting that if it makes you feel better about your immense crypto losses. There's a suicide hotline number in one of the other shitcoin threads if you need someone to talk it out with :D

as soon as you all agree we are all fuked and there is no good solution then I'll agree. moar like greece style austerity with a less and less middle class. goal is upper poverty class as middle class vanishes and we revert to the norm of history: SERFS AND LORDS.

main difference between gold and crypto is simply supply and demand - it takes serious heavy industry and fuel and labor etc to produce gold whereas in the stretch of just a few years there has been nearly 1,500 different cryptos created valued at over $600 billion. At that run rate, we should see 5,000 cryptos and a several trillion market cap in no time at all. Gold was an inflation hedge simply because it required fuel and labor and those went up with inflation so the cost to produce it (and its price) at least kept pace. Granted that energy is a critical part of crypto but it is also a critical part of keeping it going whereas with gold, once I have it in my hand, it does not require anything more... so limited supply vs virtually unlimited supply...

Human nature is such that alot people when they feel they've missed the boat have to rationalize why it was a good thing. Either that or pure jealousy and envy blind them to the truth. Here's the truth. Missing the boat just might suck cuz it would have taken you to a place you'll only get to dream about otherwise. More truth. Blockchain is superior and it's here to stay. All the talk about crypto's being a balloon....it's not a currency... blah blah blah. It's the technology stupid. Yes it's risky right now and maybe it tanks in its present form but the technology is real and companies that work to improve it are real. Risk reward. You do realize how stupid you sound to people that took a risk and are millionaires in a year right? If you're unwilling to risk then stay in your safe spaces but for the love of God shut up about stuff you don't know anything about.

With banks & governments & Warren "I know nothing about Bitcoin but here I'll make a derogatory comment" Buffett hammering crypto, yes it's going to dive. IF you bought or mined at a good price point, just Hodl, better days coming.

I got in at $12 a coin in 2012. Sold at $28, $68 and $268. Bought back in 2 years ago in the $300 range but turned around and liquidated at a very slight loss in order to finish paying my house and land off and buy more tools to speed work up. I saw BTC going a lot higher before going bearish, my guess was $12,500, but sometimes a bird in the hand is better than 2 in the bush. I missed this rally but looking forward to attending the next one.

I'll probably step back in once we get to $2,000-$3,000 but it's gonna be a long, painful grind to get down there and I'm making more than enough running a small business in the meantime, I'm not in any hurry.

With all due respect, if you are juggling how to use a fixed and limited quantity of fiat -- and whether to support your house payments and your business, or whether to invest in ANY risky equity, I recommend that you avoid the risk.

There are probably far better alternatives to look at besides bitcoin. Think of it like buying silver instead of gold but with the prospect of the silver potentially becoming more valuable than the gold.

This is a SCARY comment. You are putting money you need to pay for your HOUSE in cryptos? Are you INSANE??? Invest in your business, invest in your children. Bitcoin is as speculative as an investment can be. Assume you are takin the money outside and burning it. If you can afford to burn it, then you can put it in Bitcoin.

Yes, some people got very rich in BITC. If they have not sold, in a trader's lingo, they now own it at $19,000, because they elected to hold it. They are sitting on a 50% loss. This is called mark-to-market. If they gave themselves a bonus and bought a Lamborghini, they better have had that in cash, because as long as they hold BITC, they hold NOTHING.

I have friends who had $1 billion in an internet company stock in 1999. In 2001, they had $300,000. They LOST $999 million. One of them asked my advice (HE had $10 million.) I told him sell half NOW. Then you can afford to laugh it off if it tanks. He did. Never regret money you didn't make. Only regret profits you didnt take.

For some people this is about moving away from Federal Reserve notes. You might say it's impossible to get completely out of dollars, you might say dollars are all that matter but for some of us this is about getting out of dollars. It's not about becoming millionaires it's just about not using dollars if we don't have to.

I'm kinda surprised people didn't see that part either. I recently paid off my house also - when you owe more than ~$20k it doesn't register that the mortgage is something that is going to go away. So you invest. But one day you are sitting at $20k or $15k and you suddenly realize that if you sell some stuff, the mortgage could be gone.

Now no man but the tax man can take the roof from over my family's heads. Getting off the rent cycle is the best thing I've ever done.

With that out of the way I put all my focus and energy into creating cool stuff that people are willing to spend big money on. My main problem is now what to do with the returns from running a small business lifestyle. Downsizing and automation are big for me at the moment, eliminating all unnecessary moving parts, doing a lean manufacturing approach until things run as efficiently as possible before I think about growing anymore. And I really don't want to grow anymore because I'm more than happy with what I have to spend every month. If I could get my costs down another 20% that represents a very nice raise. I'm shooting for higher. Compound that annually and I like my own chances vs. something I don't really know about like BTC.

Investing in anything but myself and what I know is a fools game...possession is now the rule of law.

But I'll still probably step in to buy a couple btc once they come back down to the historical trend line.

Good for you! Yes, people only seem to read the bits they want to. I also paid off the mortgage with bitcoin profits a few months ago, what a great feeling. And I've still got plenty of crypto assets to benefit from the next pump. I've also bought silver over the years but crypto was easily the best investment I've ever made.

No offense to Altucher, but no one in the BTC community ever heard of him. If one bothered to do one's homework , its evident from this "I am the best - read my 20 page web site to invest in my proven strategies" weblinks that this chia pet was just attempting to sell his trading strategy so not really worth mentioning that this guy as a realistic veiwpoint...lets wait until Novagratz has more to say, and lets publish that...thanks

Yes, of course you only want to hear from people who are going to confirm your bias. It makes you feel good.

I remember a ZH article from waaay back deriding Altucher for his Dow 20,000 call. At the time I thought something along the lines of "yeah right, what the fuck does this fuzzy pinhead know other than some dude's hairy ass". Turns out he was actually right.